Oil prices rise 1% after falling in previous session
The Energy Information Administration (EIA) will release its weekly data later Wednesday morning
Lipow Oil Associates President Andy Lipow says he doesn’t have good news for the consumer regarding high gas prices.
Oil prices gained Wednesday morning, rebounding from sharp losses in the previous session.
Markets reacted to concerns about tighter supplies from Russia and Libya.
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Industry data also showed a drop in U.S. crude inventories last week.
U.S. crude rose 78 cents to $103.34. Brent futures rose 59 cents to $107.87 a barrel.
An oil rig drilling a well at sunrise, owned by Parsley Energy Inc. near Midland, Texas. (REUTERS/Ernest Scheyder / Reuters Photos)
Both benchmarks fell 5.2% in volatile trading on Tuesday after the International Monetary Fund (IMF) slashed its forecast for global growth by nearly a full percentage point, also on Tuesday.
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The IMF cited the economic impacts of Russia's war in Ukraine, warning that inflation was now a "clear and present danger" for many countries, according to Reuters.
U.S. crude supplies fell 4.5 million barrels last week, according to market sources citing American Petroleum Institute figures. The expectation was for an increase in inventories.
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The Energy Information Administration (EIA) will release its weekly data later Wednesday morning.